It should work in theory (since there's compatibility scripts converting the old 3D functionality into new), but I've had some issues converting other 3D engines to GMS2 so I can't say with certainty it will. (For instance, there's a bug with drawing transformed models with <1 scaling factors that causes massive slowdowns). Still a bit torn whether it'd be better to make a GMS2 version from scratch of all my engines or convert them and try to deal with version differences.

At least it shouldn't be too hard to relearn Studio, it's basically GM8 with some stuff removed (execute_string() being the most important loss, a lot of people used that, and also sleep() and screen_redraw())... and some stuff added, like room/image editors where you can scroll and pan with the mouse wheel. Also, you can resize instances in the room editor now, which is wonderful for a lot of cases.

...oh, wait, you were talking about Studio 2. Derp. How do I forget things like this so easily x3

Studio 2 definitely is a bigger step up since it's based on the new stuff in Studio 1 more than it's based on its GM8 roots, but it's still mostly the same core loop. All the changes done from GM8--->GMS1 still apply, but on top of that:

Layers is a pretty major feature, and can be used in various ways... there's functions to only check a particular layer for instances/tiles, so you can have layers for each floor of a building etc.

Views has been generalized to cameras, which basically is the d3d_set_perspective() function except it now can view 2D planes as well. You can have more cameras than you have views and switch what cameras are displayed in which view on the fly, letting you make dramatic camera movements and stuff more easily.

Tiles has been revamped to allow autotiles and animated tiles, but this is mostly an editor thing.

Backgrounds and sprites have been merged into one resource.

Sprite editor supports layers for each subimage and you can draw while a sprite is animated, which lets you do some animations much easier.

I'm pretty new to GMS2 myself, but hopefully this helped you in some way :P

Yea, I've been trying to learn GMS2. It's a bit different than GMS 1.4 (I have both anyways so it doesn't really matter) Converting some of my projects has worked "successfully" but things dont function as they should. So just trying to figure things out xD